Spotify Audiobooks Revenue on Track to Hit $100 Million

During its Investor Day on May 21, Spotify announced a remarkable 60% year-over-year increase in audiobook listening hours and reached one million paid Audiobooks+ subscribers. This add-on, introduced last year, is projected to yield $100 million in recurring revenue by 2024. Nearly half of the current audience joined within the last year, showcasing significant growth. Audiobooks+ subscribers exhibit three times the lifetime value of regular subscribers. Plans for enhanced family and student subscriptions are underway. The U.S., U.K., and Germany are leading market expansion, with Nordic regions also gaining momentum. In February, Spotify launched the Page Match feature, enabling users to complete books twice as quickly. Approximately 50% of the audiobook audience is under 35. The Spotify for Authors program will soon be available in 10 more languages, alongside new tools for independent authors and AI-driven Prompted Playlists. Additionally, the platform introduced Articles, featuring narrated content from major magazines. Owen Smith, VP and head of audiobooks, emphasized the importance of cross-promotion between podcasts and audiobooks.